Burberry's changes to arrest slide
Christopher Bailey has been sidelined as chief executive of Burberry as the fashion retailer moves to arrest falling profits and slowing growth.
Burberry has appointed Marco Gobbetti as its boss in place of Mr Bailey, who has been moved to the role of president.
Mr Gobbetti, who joins from French luxury brand Celine, will head "commercial, operational and financial elements of the business".
Investors reacted positively to the news, with shares jumping 5% to 1,235p.
In May, the group said it would slash £100m in costs to help offset difficult trading after reporting a 10% fall in full-year profits.
As a result, Mr Bailey saw his pay plummet 75% from £7.5m to £1.9m after he lost out on a bonus due to Burberry missing its profit targets.
The firm said that Mr Gobbetti has a "proven track record" for growing and developing brands such as Givenchy, Moschino and Bottega Veneta.
Mr Bailey will keep his title of chief creative officer, where he will oversee "brand and design".